New York

TD Bank Arranges $18.4M Construction Loan for Mixed-Use Building in the Bronx

by David Cohen September 4, 2018

NEW YORK CITY — TD Bank has arranged an $18 million construction loan for Phoenix Estates, an eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000-square-foot property is located at 700 Manida St. and will consist of 180 residential units for low-income seniors and moderate-income families. The first floor of the building will be a dedicated community facility used to host classes for residents of the building. TD Bank provided financing for borrowers MHANY Management Inc. and We Stay/Nos Quedamos Inc. The housing development will also benefit from a $14 million investment from the City of New York. The project is scheduled for completion by 2020.

September 4, 2018

Development Multifamily New York Northeast Seniors Housing

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

by David Cohen September 4, 2018

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.

September 4, 2018

Company News New York Northeast

Moody’s to Acquire Commercial Real Estate Data Provider Reis for $278M

by David Cohen August 31, 2018

NEW YORK CITY — Moody’s Corp. (NYSE: MCO) has agreed to acquire all outstanding shares of Reis Inc. (NASDAQ: REIS) in an all-cash transaction valued at approximately $278 million. Reis is a provider of commercial real estate (CRE) data. The acquisition expands Moody’s Analytics’ network of data and analytics providers in the CRE space, including recent investments in start-ups that apply innovative approaches and new technologies to source data and deliver tools to the market. Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals. Moody’s expects to complete the acquisition in the fourth quarter of 2018.

August 31, 2018

Loans Multifamily New York Northeast

Greystone Provides $20.7M Refinancing for Multifamily Property in Brockport, New York

by David Cohen August 30, 2018

BROCKPORT, N.Y. — Greystone has provided a $20.6 million Fannie Mae DUS loan for the refinancing of Autumn Woods Community in Brockport. Located on more than 25 acres, Autumn Woods is a recently constructed multifamily property comprising 296 units. Brockport is approximately 19 miles west of Rochester. Brian Liske of Greystone arranged the 10-year, fixed-rate refinancing on behalf of borrower, Carl Grasta of Outlook Development LLC. The refinancing replaces an existing construction loan from Genesee Regional Bank.

August 30, 2018

Development Industrial New York Northeast

UOVO to Open 150,000 SF Art Storage Facility in Brooklyn

by David Cohen August 30, 2018

NEW YORK CITY — New York-based art, fashion and collections storage company UOVO is set to open a 150,000-square-foot art storage facility in the Bushwick neighborhood of Brooklyn. Scheduled to open in fall 2019, the property will offer specialized climate-controlled storage designed to the standards of the world’s leading museums. The facility will be the largest of its kind in Brooklyn. UOVO: Brooklyn will be three stories tall and built entirely of reinforced concrete. The facility will also include four loading docks and two freight elevators.

August 30, 2018

Industrial Loans New York Northeast Self-Storage

Progress Capital Secures $30M Bridge Loan for Self-Storage Facility in Brooklyn

by Kristin Harlow August 29, 2018

NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.

August 29, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges $14.3M Sale of Mixed-Use Building in Greenwich Village

by Kristin Harlow August 29, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $14.3 million sale of a five-story, mixed-use building in the Greenwich Village neighborhood of Manhattan. Hall Oster, Guthrie Garvin, Michael Gembecki and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. Located at 228 Thompson St., the building has recently undergone a complete renovation and includes ground-floor retail space as well as four large apartments above. The property features stainless steel appliances, private outdoor spaces and a curated common roof deck.

August 29, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $8.6M Sale of Apartment Building in Prospect Heights

by Kristin Harlow August 29, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $8.6 million sale of a six-story apartment building in the Prospect Heights neighborhood of Brooklyn. Located at 528-530 Bergen St., the property consists of 21 residential units and 11 onsite parking spaces. Matt Fotis and Dylan Renicker of Marcus & Millichap represented the seller, a private investor. The buyer, a local private investor, purchased the property in a 1031 exchange.

August 29, 2018

Industrial Market Reports New York Northeast Northeast Market Reports

E-Commerce Industry Solves Logistics with Air Cargo in New York City

by David Cohen August 29, 2018

As the e-commerce industry continues to grow and evolve, demand for industrial warehouse product located in dense urban areas situated with access to transit infrastructure, particularly air transit, has grown. The industrial sector has been experiencing multiple years of record rent growth, both locally in New York City and nationally, with average asking rents reaching nearly $30 per square foot in western Brooklyn and parts of Queens. This rapid rise in rents is driving property values higher and generating robust investor demand for this asset class. By way of example, the newly constructed FedEx warehouse in Maspeth, Queens recently sold for nearly $750 per square foot. Simultaneously, we are seeing the evolution and realignment of the supply chain to match a changing retail landscape. E-commerce sales have caused a 300 percent increase in the demand for logistics and distribution spaces, as opposed to traditional brick-and-mortar retail locations. The impact of e-commerce will only continue to accelerate, and the need for new industrial product will grow along with it. For every $1 billion increase in e-commerce sales, an additional 1 million square feet of distribution space will be required. And it’s not solely e-commerce companies that are starting to think about …

August 29, 2018

Acquisitions New York Northeast Retail

Island Associates Brokers $4M Sale of Retail Property on Long Island

by David Cohen August 27, 2018

WEST HEMPSTEAD, N.Y. — Island Associates has brokered the $4 million sale of a retail property in West Hempstead. Located at 605 Woodfield Road, the property consists of a 36,000-square-foot building occupied by Western Beef supermarket and Gino’s Pizzaria. Roger Delisle of Island Associates served as sole broker in the transaction. The seller was Carvel Holding Corp., which was the original operator of a supermarket at the location. Western Beef, the current operator of the supermarket, purchased the property.

August 27, 2018

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